The economy grew at an annualized pace of 2.8 per cent in the third quarter, Statistics Canada said Friday.
The jump in Canada’s gross domestic product was higher than the 2.1 per cent economists had expected, according to Thomson Reuters.
Statistics Canada said real GDP was up by 0.7 per cent during the quarter ending September 30, after a 0.9 per cent increase in the previous quarter.
On a monthly basis, the economy grew in September by 0.4 per cent.
The agency said the growth was mainly the result of exports and household spending.
Household consumption was up 0.7 per cent in the third quarter. That was a slower pace than in the second quarter, when household consumption grew by 1.1 per cent.
Canadians spent 0.9 per cent more on goods in the third quarter, and 0.5 per cent on services.
Spending on housing was also up, with investment in residential structures up 3.0 per cent, the fastest pace since the first quarter of 2012.
Exports of goods and services slowed, rising by 1.7 per cent in the third quarter after a 4.4 per cent gain in the second quarter of the year.
Imports of goods and services were up 1.0 per cent in the third quarter after a gain of 2.4 per cent in the previous quarter.
Statistics Canada said there were gains in wholesale and retail trade, finance and insurance services, at the offices of real estate agents and brokers and in professional services.
It also said there were also increases in the public sector, transportation and warehousing services, accommodation and food services.
In the United States, annualized GDP grew by 3.9 per cent in the third quarter.
Canada's economy grows at 2.8% annual pace in third quarter | 680News
Real gross domestic product (GDP) rose 0.7% in the third quarter, following a 0.9% gain in the second quarter. On a monthly basis, real GDP by industry increased 0.4% in September.
The main contributors to GDP growth were exports of goods (+2.2%) and household final consumption expenditure (+0.7%). Business gross fixed capital formation (+1.5%) was also up. Final domestic demand rose 0.7% after increasing 0.8% in the previous quarter.
The Daily*—*Canadian economic accounts, third quarter*2014*and September*2014
The jump in Canada’s gross domestic product was higher than the 2.1 per cent economists had expected, according to Thomson Reuters.
Statistics Canada said real GDP was up by 0.7 per cent during the quarter ending September 30, after a 0.9 per cent increase in the previous quarter.
On a monthly basis, the economy grew in September by 0.4 per cent.
The agency said the growth was mainly the result of exports and household spending.
Household consumption was up 0.7 per cent in the third quarter. That was a slower pace than in the second quarter, when household consumption grew by 1.1 per cent.
Canadians spent 0.9 per cent more on goods in the third quarter, and 0.5 per cent on services.
Spending on housing was also up, with investment in residential structures up 3.0 per cent, the fastest pace since the first quarter of 2012.
Exports of goods and services slowed, rising by 1.7 per cent in the third quarter after a 4.4 per cent gain in the second quarter of the year.
Imports of goods and services were up 1.0 per cent in the third quarter after a gain of 2.4 per cent in the previous quarter.
Statistics Canada said there were gains in wholesale and retail trade, finance and insurance services, at the offices of real estate agents and brokers and in professional services.
It also said there were also increases in the public sector, transportation and warehousing services, accommodation and food services.
In the United States, annualized GDP grew by 3.9 per cent in the third quarter.
Canada's economy grows at 2.8% annual pace in third quarter | 680News
Real gross domestic product (GDP) rose 0.7% in the third quarter, following a 0.9% gain in the second quarter. On a monthly basis, real GDP by industry increased 0.4% in September.
The main contributors to GDP growth were exports of goods (+2.2%) and household final consumption expenditure (+0.7%). Business gross fixed capital formation (+1.5%) was also up. Final domestic demand rose 0.7% after increasing 0.8% in the previous quarter.
The Daily*—*Canadian economic accounts, third quarter*2014*and September*2014
